Vertex, Inc. (NASDAQ:VERX) Position Increased by Arizona State Retirement System

Arizona State Retirement System increased its stake in Vertex, Inc. (NASDAQ:VERX) by 7.3% during the 4th quarter, HoldingsChannel reports. The firm owned 17,062 shares of the company’s stock after acquiring an additional 1,164 shares during the period. Arizona State Retirement System’s holdings in Vertex were worth $910,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in VERX. Brown Capital Management LLC bought a new stake in shares of Vertex in the 3rd quarter worth approximately $20,938,000. Principal Financial Group Inc. lifted its holdings in shares of Vertex by 1,100.4% in the 4th quarter. Principal Financial Group Inc. now owns 572,245 shares of the company’s stock worth $30,530,000 after purchasing an additional 524,572 shares during the last quarter. Premier Fund Managers Ltd lifted its holdings in shares of Vertex by 787.0% in the 3rd quarter. Premier Fund Managers Ltd now owns 524,775 shares of the company’s stock worth $19,280,000 after purchasing an additional 465,610 shares during the last quarter. abrdn plc lifted its holdings in shares of Vertex by 74.9% in the 4th quarter. abrdn plc now owns 1,029,177 shares of the company’s stock worth $55,035,000 after purchasing an additional 440,832 shares during the last quarter. Finally, State Street Corp lifted its holdings in shares of Vertex by 36.4% in the 3rd quarter. State Street Corp now owns 1,361,901 shares of the company’s stock worth $52,447,000 after purchasing an additional 363,595 shares during the last quarter. Institutional investors own 70.32% of the company’s stock.

Insider Buying and Selling

In related news, major shareholder Item Second Irr. Trust Fbo Kyl sold 53,843 shares of Vertex stock in a transaction on Wednesday, January 22nd. The stock was sold at an average price of $56.48, for a total value of $3,041,052.64. Following the transaction, the insider now directly owns 1,229,257 shares in the company, valued at $69,428,435.36. The trade was a 4.20 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 44.58% of the company’s stock.

Vertex Stock Down 3.3 %

VERX opened at $32.88 on Friday. Vertex, Inc. has a one year low of $27.22 and a one year high of $60.71. The company has a debt-to-equity ratio of 1.29, a quick ratio of 1.04 and a current ratio of 1.04. The stock’s fifty day moving average is $48.79 and its 200-day moving average is $46.60. The company has a market capitalization of $5.13 billion, a PE ratio of 182.67, a P/E/G ratio of 6.66 and a beta of 0.87.

Vertex (NASDAQ:VERX) last issued its earnings results on Thursday, February 27th. The company reported $0.10 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.03). The company had revenue of $178.46 million during the quarter, compared to analyst estimates of $176.90 million. Vertex had a return on equity of 24.92% and a net margin of 4.73%. On average, equities analysts predict that Vertex, Inc. will post 0.38 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on the company. Stifel Nicolaus downgraded Vertex from a “buy” rating to a “hold” rating and cut their target price for the company from $58.00 to $31.00 in a research note on Friday, February 28th. Citigroup lifted their target price on Vertex from $46.00 to $54.00 and gave the company a “neutral” rating in a research note on Monday, December 16th. Jefferies Financial Group cut their target price on Vertex from $62.00 to $48.00 and set a “buy” rating on the stock in a research note on Friday, February 28th. Raymond James reaffirmed a “market perform” rating on shares of Vertex in a research note on Friday, January 3rd. Finally, The Goldman Sachs Group cut their target price on Vertex from $64.00 to $48.00 and set a “buy” rating on the stock in a research note on Monday, March 3rd. Five research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $50.00.

Vertex Profile

Vertex, Inc, together with its subsidiaries, provides enterprise tax technology solutions for retail trade, wholesale trade, and manufacturing industries in the United States and internationally. The company offers tax determination; compliance and reporting, including workflow management tools, role-based security, and event logging; tax data management; document management; analytics and insights; pre-built integration that includes mapping data fields, and business logic and configurations; industry-specific solutions; and technology specific solutions, such as chain flow accelerator and SAP-specific tools.